56.866 Tax and revenue anticipation notes -- Purpose -- Sale and issuance -- Report to Capital Projects and Bond Oversight Committee. (1) As the receipt of revenues and expenditure demands of a particular fund or account of the Commonwealth render it necessary, the commission may issue tax and revenue anticipation notes to discharge expenditure demands in anticipation of estimated revenues that are required to be deposited in that fund or account during the fiscal year in which the tax and revenue anticipation notes are issued. Tax and revenue anticipation notes may be sold and issued in the manner and have terms relating to the payment of interest, principal, and premiums or discounts as market conditions warrant. Tax and revenue anticipation notes may be issued in an amount not to exceed seventy-five percent (75%) of the estimated revenues anticipated to be deposited during the fiscal year in the fund or account for which the tax and revenue anticipation notes are being issued. Tax and revenue anticipation notes, together with interest thereon, shall be repaid from revenues required to be deposited in the fund for which the tax and revenue anticipation notes were issued. Revenues to be deposited in that fund or account shall be pledged for the repayment of tax and revenue anticipation notes so long as any tax and revenue anticipation notes remain outstanding. Any lien on and security interest in taxes or revenues that may be created as provided in this section shall be prior and superior to any other lien or security interest created by law or otherwise. (2) Tax and revenue anticipation notes may be refunded or reissued, in whole or in part. (3) Notwithstanding any statutory provisions to the contrary, including without limitation KRS 56.870, no approvals beyond those specifically required in this section shall be required for the issuance, sale, and delivery of the tax and revenue anticipation notes. (4) The commission shall report the issuance of tax and revenue anticipation notes to the Capital Projects and Bond Oversight Committee within thirty (30) days of issuance. Effective: May 30, 1997 History: Created 1997 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 8, effective May 30, 1997.
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